Trustnet Magazine Issue 15 February 2016 | Página 14

TRUST

RUFFER INVESTMENT COMPANY
This investment trust is one of the few capable of effectively protecting capital
when markets fall
The managers are renowned
for both their defensive
positioning and high conviction
macroeconomic calls.
They currently hold 38 per cent
in index-linked bonds and 4 per
cent in gold due to their view
inflation will tick up from here.
They hold 37 per cent in equities,
with the majority of this weighted
towards Japan, as they believe it
is the most enticing region in the
global market.
However, while the managers
say the recent fall has created
many buying opportunities,
they currently have their lowest
exposure to equities on record.
It is also worth noting that
Ruffer Investment Company is
now on a discount to net asset
value, having – on average –
traded on a premium over both
one and three years.

PERFORMANCE OF TRUST VS INDEX SINCE LAUNCH
160%

Ruffer LLP - Ruffer Investment Company (133.58%)

140%

FTSE All Share (126.48%)

120%
100%
80%
60%
40%
20%
0%
Aug 15

Aug 14

Aug 13

Aug 12

Aug 11

Aug 10

Aug 09

Aug 08

Aug 07

Aug 06

-20%
Aug 05

MANAGERS: Hamish Baillie
and Steve Russell
PREMIUM/DISCOUNT: -0.66%
LAUNCHED: 08/07/2004
OCF: 1.18%

More important, however, is
the fact that Ruffer Investment
Company has had the lowest
maximum drawdown – which
measures the most an investor
would have lost if they had bought
and sold at the worst possible
moments – in the AIC universe
over that time. Its figure of 13.83